NYU Stern’s Paul Romer Named the World Bank’s Next Chief Economist

— July 19, 2016

My new role at the World Bank will provide me with a unique chance to learn about the thing that fascinates me most – producing knowledge that is useful in the sense that it yields benefits on the scale of billions of people.

“We are very proud that our colleague Paul Romer has been named Chief Economist of the World Bank, one of the most prominent and influential posts in the field of economics,” said Andrew Hamilton, President of New York University. “NYU believes in the importance of its scholars’ work having a real-world impact and readily granted Paul leave to take on this important assignment.”

“We congratulate Paul on his appointment to this influential position at the intersection of business, policy, and the global economy,” said Peter Henry, Dean of NYU Stern. “His groundbreaking work on the potential for urbanization to drive rapid economic growth and social progress will provide a solid foundation for his future success in this exciting and well-deserved position.”

Romer joins a distinguished roster of economists who have served the World Bank in this capacity, including Stanley Fischer, Lawrence Summers, and Joseph Stiglitz.

Romer’s work on long-run growth fueled his belief that people can achieve enormous economic gains from interaction and collaboration, and that nowhere is this potential more evident than in the world’s thriving cities. Romer’s focus on the collaborative potential of cities led him to found the NYU Stern Urbanization Project in 2011. At the University level, Romer directs the NYU Marron Institute of Urban Management. The Marron Institute deepens the fundamental understanding of cities by working with civic innovators to improve urban management—making cities safer, healthier, and more mobile and inclusive.

“The chance to learn is hard to pass up,” said Paul Romer, Professor of Economics at NYU Stern. “My new role at the World Bank will provide me with a unique chance to learn about the thing that fascinates me most – producing knowledge that is useful in the sense that it yields benefits on the scale of billions of people. I am extremely grateful to NYU and Stern for supporting my work in a new area [urbanization] and am looking forward to returning in the future.”

Hamilton said, “We wish Paul well and look forward to his return, when he can share with students and faculty colleagues the new knowledge he’s gained from his time at the World Bank.”

About New York University Leonard N. Stern School of Business
New York University’s Stern School of Business, located in the heart of Greenwich Village, is one of the nation’s premier management education schools and research centers. NYU Stern, whose faculty includes three Nobel Laureates in Economics, offers a broad portfolio of programs at the graduate and undergraduate levels, all of them enriched by the dynamism, energy and deep resources of one of the world’s business capitals. Visit www.stern.nyu.edu and follow NYU Stern on Twitter: @NYUStern.